Elite Commercial REIT - CGS-CIMB Research 2021-11-01: Short Term Pain For Long Term Gain

Elite Commercial REIT - Short Term Pain For Long Term Gain

ELITE COMMERCIAL REIT (SGX:MXNU) | SGinvestors.ioELITE COMMERCIAL REIT (SGX:MXNU)
  • Elite Commercial REIT (SGX:MXNU) reported 3Q21 revenue/income available for distribution of £9.4m/£7.1m, +61.7%/+71.8% y-o-y. 9M21 DPU of 4.11 pence is in line, at 75.4% of our FY21F forecast.
  • Elite Commercial REIT has received in advance 100% of rent due in 4Q21.
  • Elite Commercial REIT has a long weighted average lease expiry of 6.4 years and has only 1.7% of its portfolio leases expiring in FY22F and another 3.8% with a break option in the same year.
  • We cut our FY22-23F DPU estimates for Elite Commercial REIT by 9.21-9.41% to factor in the management fees to be paid in cash while our DDM-based target price is lowered to £0.769. Nonetheless, Elite Commercial REIT still offers an attractive FY22F dividend yield of ~7.5%.




Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.




LOCK Mun Yee CGS-CIMB Research | EING Kar Mei CFA CGS-CIMB Research | https://www.cgs-cimb.com 2021-11-01



Read also CGS-CIMB's most recent report:
2022-11-09 Elite Commercial REIT - Model Update.

Previous report by CGS-CIMB:
2022-03-01 Elite Commercial REIT - Strengthening Its Portfolio.

Price targets by other brokers at Elite Commercial REIT Target Prices.
Listing of research reports at Elite Commercial REIT Analyst Reports.

Relevant links:
Elite Commercial REIT Share Price History,
Elite Commercial REIT Announcements,
Elite Commercial REIT Dividends & Corporate Actions,
Elite Commercial REIT News Articles















SGX Stock / REIT Search

Advertisement

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🧧

Advertisement